1. Different issuers: This public offering of bonds is open to an unspecified majority of investors, namely general public investors and qualified investors; Private placement bond is a bond issued to a specific qualified investor with no more than 200 people.

2. There are different ways to raise funds: public debt is raised through public offering, and private debt is raised through non-public offering.

3. Different information disclosure requirements: Public debt has very strict requirements for information disclosure, and it is necessary to disclose its investment objectives, investment portfolio and other information. Private debt, on the other hand, has low requirements for information disclosure and strong confidentiality.

4. Different investment restrictions: Public offering bonds have strict restrictions on investment varieties, investment proportion and matching between investment and fund types, while private placement bond's investment restrictions are completely stipulated by the agreement.

5. Different issuance methods: the public offering bonds are publicly issued on the Shanghai Stock Exchange and Shenzhen Stock Exchange, and filed in private placement bond, and the underwriters can file in the Shanghai and Shenzhen Stock Exchanges. The Exchange shall review the completeness of the filing materials and decide whether to accept the filing within 10 working days. The issuer needs to complete the issuance within 6 months after obtaining the notice of filing acceptance.

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